Binance founder Changpeng Zhao (CZ) is about to be released from prison after serving a four-month sentence for violating US financial regulations.
The CEO of CryptoQuant, Ki Young Ju, has come out in support of CZ, saying that his contributions to the crypto world outweigh his mistakes.
CZ’s Impact on Crypto
Young Ju points out that Binance, founded by CZ, is a major player in the crypto market and has been responsible for a lot of the liquidity we see today. He argues that CZ’s imprisonment is a reflection of the struggles of the young crypto industry, which has been hit by hacks, fraud, and other issues.
He believes that CZ is being unfairly blamed for the industry’s shortcomings, as he is a prominent figure. Young Ju compares this to how society often blames influential figures when an industry doesn’t meet expectations.
What’s Next for CZ?
CZ is expected to remain on Binance’s board of directors after his release, but he can’t be involved in the day-to-day operations of the exchange. He still has a lot of influence as a shareholder, though, and can nominate new board members and executives.
Some lawyers believe that CZ’s plea deal doesn’t permanently prevent him from taking a management role at Binance. However, CZ has said he’s not interested in returning to leadership and is focusing on other areas like blockchain, artificial intelligence, and biotechnology.
The crypto market is currently valued at $2.146 trillion, with Bitcoin at $62,840. /p>
